Shiba Inu has become arguably one of the largest cryptocurrencies with a total supply of over 589 trillion and a circulating supply of over 549 trillion. On the other hand, it is noteworthy that the majority of the supply is held in only a handful of wallets. So who owns these wallets and why are they important?
10 Wallets Retain Most of the Total Supply
The information circulating on social media that the top ten wallets hold most Shiba Inus in circulation is true. Many people may think negatively when they see this kind of distribution in a meme entity. However, this may be the wrong point of view. While there are whales that hold large quantities of SHIB, it may not always belong to one individual.
For example, the wallet with the highest balance, which has 41% of the SHIB supply, is the fact that Ethereum founder Buterin sent the said balance, which was sent to him for advertising purposes, to a token burning wallet in the past months. In other words, the wallet is not under anyone’s control and no one can access it. Buterin had donated $1 billion of the tokens sent to him to India’s coronavirus fund, and sent the remaining amount to an address that no one could reach. Therefore, almost half of the SHIB supply has been removed from circulation. Later, more SHIBs were sent to this wallet in an attempt to reduce the remaining amount in circulation.
However, the majority of large SHIB wallets are wallets of crypto-asset trading platforms. In other words, the amount in these wallets may belong to thousands, not just one person.
925. Over 000
Despite all these rumors and negative reviews, SHIB has remained popular and the number of investors holding is over 925,000, setting a new record on Monday. As it is known, the asset has experienced a decline recently. Opposites it “classic ending”, some saw it as a buying opportunity and the number of investors saw a new peak.
The asset fell more than 40% after hitting an all-time high. SHIB is trading at $0.00005645 at the time of publication.